Heliostar Metals (HSTR) investor relations material

Growth strategy and production

• FY production guidance: 50,000–55,000 oz, versus 33,000 oz last year; two producing mines are expected to generate ~$150 million for Ana Paula development.

• Long-term target is 300,000–500,000 oz of annual production; Ana Paula is targeted to add 100,000 oz/year in 2028, followed by Cerro del Gallo before end-2030.

• Mexican portfolio acquired for $15 million cash and owned 100%; assets have generated >$70 million in operating cash flow since acquisition.

• June 30 cash was $43 million with zero debt; plan pairs ~$150 million of operating cash flow with ~$200 million of project debt for Ana Paula.

• At gold prices above $3,800/oz, Ana Paula is expected to be funded without equity; a bolt-on growth opportunity could require an equity issuance.

Ana Paula development

• November 2025 PEA outlines an underground mine processing 1,800 t/day, producing 100,000 oz/year at $1,000/oz AISC.

• Feasibility study is on track for Q2 next year; 25,000 m of drilling upgraded inferred material, supporting a target of 10 years at 100,000 oz/year.

• Optimization work includes a 2,000 t/day plant, front-end equipment sized for 2,500 t/day, and dual declines to reduce haulage and ventilation costs.

• Underground permit application was submitted; the underground footprint is ~65% smaller than the previously permitted open-pit plan, with a 6–8 month government review expected.

• Construction decision is targeted for Q2 next year; $15 million is planned for long-lead equipment in Q4, construction is expected to take 18 months, and first gold is targeted before end-2028.

Producing mines and cash generation

• La Colorada residual leaching is producing ~1,000 oz/month; fresh Veta Madre ore is expected in Q2 next year, with production through 2027–2028 before a Creston pit cutback adds four years of mine life.

• San Agustin reached steady-state production; the initial 14-month mine plan is expected to generate >$70 million of net free cash flow through Q2 next year.

• Drilled extensions at San Agustin could add 6–9 months of mine life through 2027–2028 and ~$40 million of net free cash flow.

• Q2 production was described as repeatable over the next several quarters, supported by a full quarter at San Agustin and La Colorada residual leaching.